NEW DELHI: On Thursday, co-living startup Settl announced its expansion into the Chennai market, with plans to launch 300 beds to cater to working professionals. Settl, based in Bengaluru, currently manages 3,500 beds across Bengaluru, Gurugram, and Hyderabad. The startup has 1,200 beds in Gurugram, 1,700 beds in Bengaluru, and 600 beds in Hyderabad.

Settl offers rental accommodation ranging from Rs 11,000 to Rs 24,000 per month per bed, depending on the location, city, and available amenities.

"We are looking to expand our business as demand for quality rental accommodations, which are fully managed, is rising. Chennai offers a huge potential for co-living centers. We have identified a few buildings and are in talks with landlords to onboard these properties," said Settl Co-Founder Abhishek Tripathi.

To start, the company plans to launch 300 beds in Chennai and aims to increase this number to 1,000 beds by the end of the fiscal year. Established in 2020, Settl enters into long-term lease agreements with builders and asset owners, designs and develops the properties, and then sub-leases the space to working professionals.